Top 5 Ways for Busy Truckers to Make More Money
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Fact-checked by: Bruce Sayer
If you’re good at your job as a truck driver, it seems to make sense that your experience would make you an awesome business owner. Yet, you’re so busy working IN your business, it is hard to find time to work ON your business. So, what can you do today to make more money as a trucker?
1. Save Money on Fuel
On average, a commercial truck will use 20,500 gallons of fuel annually. The ballpark costs usually total $70,000. Follow these tips to put more money in your pocket and not your tank.
DO
Reduce your use of air conditioning. Nothing burns cash like in-cabin A/C. Driving a reefer? Use the unit’s power capacity for climate-control devices.
DO
Maintain optimal PSI. Prevent blowouts and increase fuel economy by checking tire pressure before you go
DON’T
Pay full price for fuel! Utilize a fuel card. Receive discounts on diesel at many truck stops, adding up to big savings. eCapital offers a free fuel card to clients.
DON’T
Speed. Every mph above 55 results in a 0.1 mpg reduction in fuel economy.
2. Know Your Funding Options
You know that occasional cash flow gaps happen especially in the trucking business. You wait to get paid on an invoice and at the same time, buy fuel for your next load. What can you do in a tight pinch? Here are a few possibilities:
DO
Consider invoice factoring for short-term cash flow needs. Get 80-95% of your invoice paid in 24 hours or less.
DO
Take advantage of a working capital advance for fast funding to deal with equipment repairs, purchases, make payroll, and other needs.
DON’T
Wait weeks or months at a bank only to get denied at the end of a long process.
DON’T
Risk personal collateral going with traditional funding, which places restrictions on how you use the money.
3. Budget and Know Your Expenses
Maintaining a budget and holding yourself accountable is the first step in saving money. Keep a list of what you spend. It doesn’t matter whether you jot it down on scratch paper or log expenses with an app. Just track it! With a budget in mind, focus on areas where you spend too much now.
DO
Use a portable refrigerator. Stock it with cold cuts, sandwich items, condiments, and drinks for easy savings.
DO
Keep your truck maintenance up-to-date. Check for clean air filters, fresh oil, and well-maintained belts. When your truck runs, you’re making money.
DON’T
Waste money on food at restaurants for every meal. You’ll also be healthier as a result, a win-win.
DON’T
Skip regular tune-ups. In addition to the fuel saving benefits, regular maintenance can reduce your insurance premiums too.
4. Avoid Deadheading
Pulling an empty truck-trailer gets you nowhere fast. Empty miles can literally drive an owner operator out of business quickly. These are a few Dos and Don’ts to help you minimize deadheading.
DO
Connect with load boards, brokers, and dispatchers who can keep you moving with paying freight.
DO
Become a businessman first and a driver second. From start to finish, look at the whole to come out on top.
DON’T
Take a job without lining up the next load or finding a backhaul.
DON’T
Select a load with a great rate when the return trip doesn’t cover your costs. You don’t want destinations where loads are hard to come by.
5. Build Lasting Relationships
Growing your business can cost a lot especially if you focus on gaining new customers all of the time. There’s nothing wrong with that, yet you should remember that keeping your customers repeat business will grow your bottom line even faster.
DO
Decide what type of freight you want to carry and stick to it. You’ll begin to develop and grow a solid network of clients.
DO
Focus on recurring revenue. Repeat customers are important in building consistent business and healthy cash flow.
DON’T
Don’t flip flop between carriers because it could backfire with too much downtime. When the truck is parked, so are profits.
DON’T
Don’t assume the customer will always be there. You need to work at keeping your customer happy. Know your routes and quote accurately.
Get Fast Funds for Your Business
eCapital understands the cash flow demands you face and gets you the immediate funds you need. No matter if you have 1 truck or 100, we can get you quick cash you need to:
- Expand your fleet
- Hire more drivers
- Pay for fuel and operating expenses
It’s simple, fast, and free to get started. Why not get a no-obligation quote?
ABOUT eCapital
Since 2006, eCapital has been on a mission to change the way small to medium sized businesses access the funding they need to reach their goals. We know that to survive and thrive, businesses need financial flexibility to quickly respond to challenges and take advantage of opportunities, all in real time. Companies today need innovation guided by experience to unlock the potential of their assets to give better, faster access to the capital they require.
We’ve answered the call and have built a team of over 600 experts in asset evaluation, batch processing, customer support and fintech solutions. Together, we have created a funding model that features rapid approvals and processing, 24/7 access to funds and the freedom to use the money wherever and whenever it’s needed. This is the future of business funding, and it’s available today, at eCapital.
eCapital Corp
eCapital Corp. is committed to supporting small and middle-market companies in the United States, Canada, and the UK by accelerating their access to capital through financial solutions like invoice factoring, factoring lines of credit, asset-based lending and equipment refinancing. Headquartered in Miami, Florida, eCapital is an innovative leader in providing flexible, customized cash flow to businesses. For more information about eCapital, visit eCapital.com.